Mario Costa resigns as Beira-Mar president

Aveiro club plummeting in debt

The future for Beira-Mar is growing bleaker by the minute as club president Mario Costa (pictured) resigned from his post last night, leaving the organisation millions of euros in debt.

The former Beira-Mar head was not responsible for putting the club in their unsavoury financial postion, but was unable to come up with a solution to help the club sustain itself in the meantime.

Costa was to meet with Liga president Fernando Gomes to try to come up with some sort of resolution that would satisfy the club's creditors (ex-executives Artur Filipe and Jose Cachide), but was incapable to do so and felt he was left with no other option but to leave.

Filipe and Cachide have placed liens on the club as they had invested a substantial amount of their own money into keeping Beira-Mar solvable. Other notable creditors are former coach Antonio Sousa and sports agency Inverfutbol.

The amount of debt is estimated to be at 3 million euros. Elections are expected to be held on December 4 to elect a new president.